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A worker's average indexed monthly earnings (AIME) will be their Social Security benefit at retirement. True False
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- Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6,000 for a year. They have no other income but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement tested. Specifically, the individual can earn up to $9,000 in annual wage income without a reduction in benefits; however, after $9,000 of earnings, benefits are reduced by 50% for every dollar earned, until the benefits are exhausted. a) Carefully draw and label the budget constraint for this individual. b) Suppose previously there was a retirement test, and then the test is eliminated, i.e., the individual now is allowed to keep all benefits, irrespective of their labour earnings. How would this affect the individual’s labour supply? Question Two David is a 70-year-old accountant. After serving his accounting firm for 45 years, David decides to retire soon. David has great passion for vintage cars…The calculation used by social security to calculate retirement benefits is meant to replace ______________ preretirement income for low-income retirees than high-income retirees.State True or False: Although poverty is a problem in most areas of the world, relatively few people die of causes arising from poverty.
- State True or False: Compared with other developed nations, the United States has one of the highest rates of childhood poverty.Immanuel Kant’s principle, called the categorical imperative, requires that everyone be treated as: A free and equal personA dependent employeeAn indentured personA non-resident employeeUnder current law, most Social Security recipients do not pay federal or state income taxes on their Social Security benefits. Suppose the government proposes to tax these benefits at the same rate as other types of income. What is the impact of the proposed tax on the optimal retirement age?
- Is there a role for government in reducing the negativeeffects of dual employment44. Since the Social Security system began in 1935, the number of workers per retiree has Group of answer choices risen and declined with different generations continually risen. stayed roughly the same continually declined.True or False. Research indicates that immigration causes large decreases in the average American wage.
